However, consumption of petroleum based succinct acid, as an intermediate, in manufacturing various chemicals, is limited due to its volatility of price and carbon footprints. These concerns led to the discovery of biological manufacturing of succinct acid. The blob succinct acid market Is forecast to grow at a significant rate over the next seven years. The major drivers for this growth will be volatility in fossil fuel prices, rise in carbon footprints, and an interest in using locally available raw materials.
Furthermore, increasing global demand of green chemicals will trigger its adoption in wide range of applications, especially, in bio elastics, making it a strong platform chemical. Bio succinct acid is primarily being used as a replacement for petrol based succinct acid in few applications such as solvents and lubricants, De-icier solutions, cosmetics, food and pharmacy, Furthermore, newer application such as IA-Butadiene (BODY PBS, plasticizer and polyesters polyps market will accelerate the future growth of the market.
Additionally, higher cost of crude oil, increase in investments for green chemicals, demand for renewable chemicals, and increase in government support will further boost the growth of the rake. However, higher price of bio succinct acid and lengthy extraction processes are primarily restraining the market growth for the next few years. The global blob based succulence acid market Is expected to reach market volume of 710. 0 kilo tons by 2020, growing at a CARR of 45. 6% during 2013-2020.
Various industrial application markets analyzed in the study includes BAD, polyester polyps, PBS, plasticizer, resins, coatings, & pigments, solvents & lubricants, alkyd resins, and De-icier solutions. The resins, coatings, & pigments market generated maximum revenue in the year 013. However, seven years down the line, BAD Is expected to emerge as the largest application segment. This Is largely due to higher consumption of blob succinct acid In the production of BAD, as a replacement of malefic anhydride. It is estimated that 1. 2 MAT of bio succinct acid is needed to replace 1 MAT of malefic anhydride.